Bio:
John has been BankersOnline's resident expert for more than 20 years, serving as Executive Editor and frequent presenter in BOL's suite of events.
Burnett joined
BankersOnline in 2004. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He moved to Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, and as clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter and participant in BOL Conferences events.
Questions Answered
08/12/2002
For IRS reporting purposes, are banks required to file using customer's formal names? If the customer's SSN is accurate, can the customer name be more casual, or even a nickname in some cases?
08/12/2002
Can a commercial account have a savings account?
08/12/2002
It seems as though I researched this some time ago, but am at a loss for the answer. With regards to Regulation P, is the beneficiary of a deposit account considered a customer? Should the beneficiary be mailed an annual privacy notice? We apparently included them in our mailing this year and have made some account owners very unhappy.
08/12/2002
What is the "right of offset? What does it have to do with compensating balances?
08/12/2002
Are there any available APY calculation tools other than the one the OCC has? We have some savings statements that are mailed semiannually and the OCC calculator does not allow entering that number of daily balances.
08/12/2002
A customer revokes an ACH transaction claiming they had contacted the originating company to cancel any future transactions and the company did not cancel in time. Is this considered a Reg E error resolution claim? And, is the bank allowed to charge a processing fee for the revocation, similar to that of a Stop Payment Fee?
08/12/2002
When you place a deposit on hold that involves a dollar amount greater than $5000 and you have no way of verifing the check or checks, can you place the entire deposit on hold for the maximum time by using the "other" exception blank and use the wording unable to satisfactorily verify funds or do you have to use the "large deposit" blank and split the deposit giving the first $4900 available sooner even if you can not verify the funds?
08/05/2002
In a security seminar I recently attended,they mentioned you had a sample agreement for Third-Party Service Providers. Where can I find it on your site?
08/05/2002
A customer bring in $11,000 in cash and $19,000 in checks to the FI. He deposits $18,500 to his savings acct, $11,450 to payoff his auto loan, and receives $50 cash back. How do you complete the CTR under part II - types of transactions?
08/05/2002
Our bank is considering extending the hours for our Safe Deposit area. Must we notify all our renters, or is a sign sufficient for communicating the change? (Having been to a few of Dave McGuinn's seminars, my bank is sufficiently paranoid about Safe Deposit Box issues!)
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